Triplex With Off-Street
For Sale
$699,999
14 Mendon St, Worcester, MA 01604
Three-family property with spacious unit layouts, RG-5 zoning, and convenient access to regional routes and public transportation.
Property Size3,639 SF
Price / SF$192.36
Days on Market110
Property Features for 14 Mendon St
General Information
Standard status
Active
Size
3,639 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
RG-5
Net Operating Income
$36,600
Taxes and HOA fees
Annual Taxes
$8,099
Building Details
Building Size
3,639 SF
Year Built
1910
Stories
3
Listing Agency:
Coldwell Banker Realty - Boston
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 13
Changed: Aug 29
Last Checked: Aug 29 at 5:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Realty - Boston
Investment Insights
Based on property information with market context.
This three-family property contains 3,639 square feet across three residential units, each with spacious living areas suited to comfortable occupancy. Built in 1910, the building has a young roof, ample off-street parking, and RG-5 zoning. Its configuration supports both investment ownership and owner-occupancy with rental income from additional units.
The property is located at 14 Mendon St in Worcester, with access to I-290, the Mass Pike, and Route 9. Public transportation, restaurants, and shopping are also nearby. Showings require 24-hour notice.
The property is located at 14 Mendon St in Worcester, with access to I-290, the Mass Pike, and Route 9. Public transportation, restaurants, and shopping are also nearby. Showings require 24-hour notice.
Key Highlights
- Three‑family property totaling 3,639 square feet
- Three residential units with spacious living areas
- Young roof and ample off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$53,440
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.63%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,068,800
$1.1M
Cap Rate 7%
$763,429
$763.4K
Cap Rate 9%
$593,778
$593.8K
Market Conditions
NOI Build-Up for 3,639 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$80.8K $22.20/SF
− Vacancy
−$4.4K −$1.22/SF
EGI
$76.3K $20.98/SF
− OpEx
−$22.9K −$6.29/SF
NOI
$53.4K $14.69/SF
Area
Worcester, MA
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,068,800
Cap Rate 7%
$763,429
Cap Rate 9%
$593,778
Alternative Uses
Best Use
Multifamily LT 5
$763.4K
$668.0K – $890.7K
NOI $53,440 @ 7.0% cap · market cap 7.63%
Second Best
Apartment 5plus
$700.8K
$613.2K – $817.6K
NOI $49,056 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$1.21M
$1.06M – $1.42M
NOI $85,023 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,748
Businesses Nearby
Explore this area
Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-family property with spacious unit layouts, RG-5 zoning, and convenient access to regional routes and public transportation.
Where is this triplex located?
The property is located at 14 Mendon St Worcester, MA.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Three‑family property totaling 3,639 square feet; Three residential units with spacious living areas; Young roof and ample off‑street parking
